The head of the Securities and Exchange Commission enforcement division's market-abuse unit, Daniel Hawke, will depart from the agency next month. "Dan is known for his strategic vision and built the Market Abuse Unit into a trailblazer in the investigation of market-structure violations and complex insider-trading schemes," said Andrew Ceresney, the agency's enforcement director.
Michael Piwowar, a member of the Securities and Exchange Commission, is responding to challenges to the agency's choice of legal venue by suggesting the SEC develop guidelines. "To avoid the perception that the commission is taking its tougher cases to its in-house judges, and to ensure that all are treated fairly and equally, the commission should set out and implement guidelines for determining which cases are brought in administrative proceedings," Piwowar said.
Retail investors' participation in company elections might be reduced by U.S. rules that allow companies to electronically deliver proxy-voting materials, said Mike Piwowar, a member of the Securities and Exchange Commission. "I believe that a retrospective review is overdue," he said at an SEC roundtable.
The Securities and Exchange Commission and the Financial Industry Regulatory Authority are collecting data to help them understand high-frequency trading and dark pools before they draft regulations. "Are dark pools beneficial or harmful to customers? The SEC's economic data is just not good enough right now to answer that," says W. Hardy Callcott, a partner at law firm Sidley Austin and a former assistant general counsel for the SEC. Callcott also says market-structure issues continue to be of high interest to the media and regulators for several reasons, including awareness piqued by Michael Lewis' book "Flash Boys."
Luis Aguilar, a member of the Securities and Exchange Commission, called on regulators to revisit rules originally designed to increase market competition and improve prices. Regulation NMS should be reviewed immediately to determine whether it has created "unreliable complexity" and too much fragmentation, Aguilar said. He also said it is time for the SEC to move forward with a proposal to bolster rules governing unregistered securities sales.